Posted May 20, 2014
The video below details industry’s hydraulic fracturing experience in Colorado, a state whose oil and natural gas potential is being realized thanks to advanced fracking and horizontal drilling built on a rich history of safe and responsible drilling.
As the speakers point out, the Denver-Julesburg (or D-J) Basin has been operating commercially for nearly 150 years. Modern hydraulic fracturing has grown from the days of trying various types of fracking fluids and recycled aircraft engines to carefully formulated mixtures designed to produce tiny fractures in deep rock layers that hold oil and natural gas.
Posted May 15, 2014
Another benefit of America’s energy renaissance is seen in the competitive edge North American refiners are gaining because of lower feedstock costs, resulting from surging domestic crude oil and natural gas production.
The latest “This Week in Petroleum” report by the U.S. Energy Information Administration (EIA) says that U.S. and Canadian refiners are in a stronger position relative to European counterparts because of lower costs for domestic crude oil and natural gas, from which they make a variety of value-added finished products.
Posted May 15, 2014
CNBC (Spencer Abraham/Bill Richardson): Once again the world is looking for America's leadership in unsettled times. Our diplomats have limited options to combat Russia's annexation of Crimea, but they can take greater advantage of a new tool in their toolbox that no administration has had for generations — U.S. energy abundance. American energy exports will not only create economic opportunities here at home but will provide strategic geopolitical advantages abroad.
The crisis involving Ukraine and Russia highlights the need for American energy leadership. Russia remains the world's largest exporter of natural gas, supplying 30 percent of Europe's imports. Countries on Russia's periphery, many nearly completely dependent on Russian supply, pay exorbitant oil linked prices. Many are NATO allies.
Posted May 14, 2014
A couple of charts from energy/economics blogger Mark J. Perry really show the fundamental rewriting of the United States’ energy narrative – as a result of surging domestic oil and natural gas production. Both charts, developed from data in the U.S. Energy Information Administration’s (EIA) annual energy outlook, indicate that the U.S. is rapidly moving toward energy self-sufficiency – the point at which domestic output lowers net imports to zero.
Posted May 2, 2014
The number of direct jobs in oil and natural gas extraction has grown 7.2 percent since April last year, more than four times the growth rate in all U.S. jobs, according to BLS. The word for that kind of growth – in the midst of an economy still trying to heat up – is wow!
Now, keep in mind that the BLS data line for “oil and gas extraction” covers only part of industry’s upstream (pre-refining) segment. Scroll down a few lines in this BLS table to find direct jobs supporting oil and natural gas operations – such as building and dismantling field rigs, core drilling services, hydraulic fracturing services and much more – and you see dynamic growth there as well, 6.3 percent from April last year through March, the most recent data month available. Wow again.
Posted April 28, 2014
An infographic that clearly illustrates America’s choice on shale energy: significant economic growth, job creation and generated revenue for government because of continued energy development – vs. lost opportunity in all three areas if development is restricted.
The information is from IHS’ study on the economic impacts of unconventional oil and natural gas development – energy from shale and other tight-rock formations, safely and responsibly produced with advanced hydraulic fracturing and horizontal drilling.
Posted April 11, 2014
Earlier this week the U.S. Energy Information Administration (EIA) blew back a lot of folks’ hair with the high oil-production scenario in its 2014 Annual Energy Outlook – projecting for the first time ever that the net import share of U.S. petroleum and other liquids could reach zero. By 2037. That’s amazing considering that less than a decade ago the import share was nearly 60 percent.
Next from EIA: New data on growing U.S. crude oil and lease condensate reserves – more evidence of the ongoing U.S. energy revolution.
Posted March 26, 2014
Study Projects Major Job Losses From Banning Fracking in Colorado
Denver Business Journal: Fracking draws the ire of environmental activists, many of whom envision a world without the controversial process.
But economists from the University of Colorado (CU) predict job losses of 93,000, and $12 billion in lost gross domestic product (GDP), if proposed bans on hydraulic fracturing in Colorado become law, according to a study released Wednesday.
In just the first five years of a ban on fracking, the loss in GDP would be $8 billion and 68,000 fewer jobs, according to the study.
Posted February 28, 2014
The scope of shale energy’s benefits and their impact on the United States – jobs, economic stimulus and increased energy security – seems ever-expanding. Speakers at Bloomberg’s “Energy 2020” event described energy reserves large enough and technologies so advanced that Americans can contemplate a far friendlier future than would have been possible just a few years ago.
GE Chairman and CEO Jeffrey Immelt:
“A lot is taking place in natural gas. People historically have viewed this as a transition fuel. Now it’s becoming more of a baseload fuel. There’s more supply diversity, it’s viewed incrementally as cleaner and an interim solution to environmental issues. We see that taking place.”
Posted February 28, 2014
The folks at Energy In Depth have a great video out that captures the key role natural gas is playing in the regeneration of U.S. manufacturing.
It’s fairly simple: Because of available, affordable natural gas U.S. manufacturers are finding it more economical to conduct operations right here at home – producing more, hiring more, contributing more to the economy. As the video depicts, natural gas will help support more than 500,000 new U.S. manufacturing jobs by 2020.